https://www.taxtmi.com/caselaws?id=381523 Share capital and share premium additions under section 68 cannot be sustained where the assessee furnishes names, PAN, balance sheets, bank statements, share application forms, allotment details, and assessment particulars of the share applicants. The assessee also showed that the applicants were income-tax assessees, had been assessed under scrutiny, and had sufficient own funds, with investments made through account payee cheques and supported by audited records. On these facts, the initial burden on identity, genuineness, and creditworthiness stood discharged, shifting the onus to the Assessing Officer to discredit the evidence or make meaningful enquiry. Mere non-appearance of directors or return of summons was insufficient, and the deletion of the addition was upheld. en-us Fri, 07 Jun 2019 00:00:00 +0530 Thu, 13 Jun 2019 06:43:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381523 Share capital and share premium additions under section 68 cannot be sustained where the assessee furnishes names, PAN, balance sheets, bank statements, share application forms, allotment details, and assessment particulars of the share applicants. The assessee also showed that the applicants were income-tax assessees, had been assessed under scrutiny, and had sufficient own funds, with investments made through account payee cheques and supported by audited records. On these facts, the initial burden on identity, genuineness, and creditworthiness stood discharged, shifting the onus to the Assessing Officer to discredit the evidence or make meaningful enquiry. Mere non-appearance of directors or return of summons was insufficient, and the deletion of the addition was upheld. Case-Laws Income Tax Fri, 07 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381523